WEBVTT - Spikes in COVID-19 Cases Nationwide 0:00:00.720 --> 0:00:03.720 This is Bloomberg Business Week. I'm Carol Masser and I'm 0:00:03.800 --> 0:00:06.320 Jason Kelly. We're right here every day bringing you the 0:00:06.400 --> 0:00:11.160 latest news from the world's of business and finance, plus technology, politics, economics, 0:00:11.240 --> 0:00:14.280 all harnessing the power of Business Week reporters and editors. 0:00:14.440 --> 0:00:16.439 And of course Carol that's part of a team of 0:00:16.520 --> 0:00:20.439 twenty seven hundred journalists and analysts more than a hundred 0:00:20.480 --> 0:00:23.280 and twenty countries and Jason. You can download Bloomberg Business 0:00:23.280 --> 0:00:26.239 Week on iTunes, SoundCloud, bl Bloomberg dot com. You can 0:00:26.280 --> 0:00:28.640 also listen to our radio show at two pm Eastern 0:00:28.680 --> 0:00:31.560 on Bloomberg Radio every weekday, or watch us on YouTube 0:00:31.600 --> 0:00:36.400 by searching Bloomberg Global News. So, Jason, I know you've 0:00:36.400 --> 0:00:38.400 been busy, um, and we're gonna talk a lot more 0:00:38.400 --> 0:00:41.240 about Lebron later, But there have been a lot of 0:00:41.240 --> 0:00:43.640 buyers headlines today. We've got New York moving to Phase 0:00:43.680 --> 0:00:47.279 three that starts on July six. You've had Texas as 0:00:47.320 --> 0:00:50.239 governor halt new phases of reopening in its state economy, 0:00:50.320 --> 0:00:54.200 also suspending elective surgeries in a bunch of big cities, 0:00:54.880 --> 0:00:57.800 and Florida once again showing a really big jump in 0:00:57.840 --> 0:01:01.400 new cases so lots of headlines. Jason Farley is a 0:01:01.400 --> 0:01:05.560 professor of nursing, an infectious disease trained nurse epidemiologist, and 0:01:05.600 --> 0:01:08.320 a nurse practitioner and the Division of Infectious Diseases at 0:01:08.319 --> 0:01:11.400 the Johns Hopkins School of Nursing and Medicine the Bloomberg 0:01:11.400 --> 0:01:13.560 School of Public Health. I just want to remind everybody, 0:01:13.600 --> 0:01:16.600 supported of course by Michael R. Bloomberg, founder Bloomberg LP 0:01:16.640 --> 0:01:20.800 and Bloomberg Philanthropies. Jason joining us on the phone from Baltimore. Jason, 0:01:20.880 --> 0:01:23.360 it is great to have you here with us, help 0:01:23.440 --> 0:01:25.280 us make sense of these headlines. You know, we are 0:01:25.319 --> 0:01:29.800 increasingly moving towards reopening. Most folks, CEOs and the like. 0:01:29.959 --> 0:01:32.520 Even people from the medical community like yourselves come on 0:01:32.560 --> 0:01:35.840 and say, we've got to move towards reopening. But how 0:01:35.880 --> 0:01:39.840 do you, you know, cross that with the increases we're 0:01:39.840 --> 0:01:42.920 seeing in some of the states around the country. Yeah, 0:01:42.959 --> 0:01:46.480 I think we have to look at the data so far, 0:01:46.600 --> 0:01:48.720 and the fact of the matter is is that the 0:01:48.840 --> 0:01:52.600 places that reopened early and fat are the ones seeing 0:01:52.640 --> 0:01:55.920 most of the spikes. Um. You know, there was a 0:01:55.920 --> 0:01:58.040 lot of delay in California, and so they're a little 0:01:58.040 --> 0:02:00.440 bit of an anomaly in those in the areas that 0:02:00.480 --> 0:02:04.840 we're seeing because they were more um methodical in their reopening. 0:02:05.280 --> 0:02:08.760 But um, what we're seeing is this return to normal 0:02:08.880 --> 0:02:12.280 life in many jurisdictions, and as a result, I returned 0:02:12.280 --> 0:02:16.520 to the need to lock down in several of these spots. UM. Houston, 0:02:16.760 --> 0:02:21.000 just noting specifically this really big rollback on my brothers 0:02:21.080 --> 0:02:23.959 right now in Houston for some cancer related treatment and 0:02:24.120 --> 0:02:26.359 and you know he's reporting that, you know, they're now 0:02:26.400 --> 0:02:28.519 messaging in the city right now that you know, we're 0:02:28.520 --> 0:02:31.440 about to think about canceling electrive surgery like you mentioned, 0:02:31.680 --> 0:02:36.320 and other related rollbacks. So the our decisions to open 0:02:36.400 --> 0:02:40.760 up too fast have you know, ultimate consequences? And so 0:02:41.600 --> 0:02:44.840 what do we do at this point? Because I know, Jason, 0:02:44.880 --> 0:02:50.960 there is real reluctance to completely shut down, But is 0:02:51.040 --> 0:02:55.960 that potentially the only choice from a medical perspective? And 0:02:55.960 --> 0:02:57.840 I think most importantly and you know this better than 0:02:57.880 --> 0:03:03.239 I from just a capacity perspect active in a bed perspective. Yeah, 0:03:03.280 --> 0:03:05.960 And I think you know what, what what places are 0:03:06.000 --> 0:03:10.120 seeing in terms of our concern really is can we 0:03:10.200 --> 0:03:14.200 meet the demand of hospitalizations and ultimately the demands of ice. 0:03:14.240 --> 0:03:17.160 It's the same concern that was before. And while we're 0:03:17.160 --> 0:03:20.560 better prepared in terms of PPE and and ventilator capacity, 0:03:21.000 --> 0:03:25.639 we are not better prepared in relation to surge capacity. Right, 0:03:25.840 --> 0:03:28.200 So we still have the same number of beds we've 0:03:28.240 --> 0:03:32.880 always had. We've turned other units into more functional I 0:03:33.000 --> 0:03:36.080 see you like units, and and also more of than 0:03:36.120 --> 0:03:39.120 a latter capacity and many settings. So those are all 0:03:39.160 --> 0:03:41.840 good things, and so we're better prepared, but we also 0:03:42.040 --> 0:03:44.920 still have a limited bandwidth in terms of the total 0:03:45.040 --> 0:03:49.000 bed capacity, the total health workforce capacity, and so when 0:03:49.000 --> 0:03:52.280 we see large spikes in cases, particularly large spikes in 0:03:52.280 --> 0:03:56.640 cases that result in substantial increases and hospitalization, it's the 0:03:56.720 --> 0:03:59.520 question at hand is can the health system you know, 0:04:00.000 --> 0:04:03.520 deal with that, sirs? And if so, is there any 0:04:03.640 --> 0:04:07.640 associated excess mortality in cases that may be delayed, in 0:04:07.680 --> 0:04:10.920 cases that may not receive optimal levels of treatment. Well, 0:04:11.040 --> 0:04:12.680 that's interesting and that's where I wanted to get to 0:04:13.080 --> 0:04:16.440 um Jason, if if I may, is that in terms 0:04:16.520 --> 0:04:19.120 of treatment though, it feels like we are making some 0:04:19.200 --> 0:04:22.400 progress with treatments for those who might have a moderate 0:04:22.400 --> 0:04:26.400 case or you know, m a severe case, and so 0:04:26.480 --> 0:04:29.800 maybe that is helping kind of stem some of the 0:04:30.160 --> 0:04:32.640 increases in the number that ultimately have to be in 0:04:32.720 --> 0:04:36.240 the hospital for a long time. Yea. So our our 0:04:36.279 --> 0:04:41.000 biggest um recent advance has been the data that came 0:04:41.040 --> 0:04:45.400 out on methzone. Now, yeah, dex A, meth zone is 0:04:45.440 --> 0:04:49.960 a great, you know, very cheap, very available steroid. And 0:04:50.040 --> 0:04:53.560 what the data show, dous is that basically patients who 0:04:53.640 --> 0:04:59.039 needed mechanical ventilation about twenty nine better mortality than in 0:04:59.080 --> 0:05:02.039 patients who did not receive the drugs. So so that's 0:05:02.040 --> 0:05:04.240 the at least a glimmer of hope for patients to 0:05:04.360 --> 0:05:07.839 need mechanical ventilation. And then in patients who needed oxygen 0:05:07.880 --> 0:05:11.239 supplemental oxygen support, so they weren't quite at a point 0:05:11.279 --> 0:05:14.520 of ventilation, but they were sick enough to need hospitalization 0:05:14.600 --> 0:05:17.600 and oxygenation. And in those patients, one in five or 0:05:18.400 --> 0:05:21.640 actually improved using the drug compared to those who did 0:05:21.640 --> 0:05:25.320 not receive the drug. However, there was no benefit whatsoever 0:05:25.440 --> 0:05:28.680 in patients with more mild or moderate that he had 0:05:28.720 --> 0:05:32.920 not yet needed hospitalization and not yet needed oxygenation. So 0:05:33.360 --> 0:05:36.400 what we've seen is is that if you are sick 0:05:36.560 --> 0:05:39.640 enough to need oxygenation, there is a benefit, and sick 0:05:39.720 --> 0:05:41.960 enough to need mechanical ventilation. There is even a bigger 0:05:41.960 --> 0:05:44.120 bit of it. So what that does the drug does 0:05:44.200 --> 0:05:47.479 is basically quiet the immune system. Right, it helps our 0:05:47.560 --> 0:05:51.640 bodies begin to heal, but not over respond. Let's get 0:05:51.640 --> 0:05:54.000 back to our conversation with Dr Jason Farley, professor at 0:05:54.080 --> 0:05:57.880 Johns Hopkins University School of Nursing and Johns Hopkins A 0:05:57.880 --> 0:06:00.159 Blueberg School of Public Health is you can probably tell 0:06:00.160 --> 0:06:02.680 by the name. It's supported by Mike Bloomberg, founder of 0:06:02.680 --> 0:06:06.680 Bloomberg Philanthropies and Bloomberg LP, the parent of this radio station. 0:06:07.360 --> 0:06:11.520 Jason got to talk vaccines here. We hear so much 0:06:11.600 --> 0:06:16.640 about development. We hear about all the various things going on, 0:06:16.800 --> 0:06:22.719 some great collaboration going on across the world. What's realistic here? Yeah, 0:06:22.800 --> 0:06:25.400 well we are hearing some some glimmers of hope. You 0:06:25.400 --> 0:06:28.000 know that we've got the Maderna vaccine that is moving 0:06:28.040 --> 0:06:31.600 into phase three trials um and that's great because that's 0:06:31.600 --> 0:06:34.160 the final efficacy kind of level trial that we need. 0:06:34.240 --> 0:06:36.320 Does it works is it not? You know, the phase 0:06:36.360 --> 0:06:39.400 one in phase two are really about safety and what 0:06:39.440 --> 0:06:43.120 we would call immunogenicity. So does it does a vaccine 0:06:43.160 --> 0:06:46.120 actually produce an immune response? And so we've gotten the 0:06:46.320 --> 0:06:49.080 great data from that. A phase to study from Maderna 0:06:49.120 --> 0:06:52.400 has been completely enrolled and enrolled in like really really 0:06:52.440 --> 0:06:56.120 accelerated speed less than two weeks, I believe, um, which 0:06:56.160 --> 0:06:59.560 is all great news. That means answers about it, how 0:06:59.600 --> 0:07:02.080 good it's impact on the immune system is. But what 0:07:02.200 --> 0:07:05.400 we really must have to know for sure is the 0:07:05.520 --> 0:07:10.160 phase three thousand people study UM that will begin enrolling 0:07:10.200 --> 0:07:14.160 in July. All right, to walk us through that and 0:07:14.240 --> 0:07:16.800 understand and explain the timetable for that one, because this 0:07:16.880 --> 0:07:19.000 is this is to make sure it's really safe with 0:07:19.160 --> 0:07:23.200 lots of people. Yeah. Absolutely, So the FDA cleared and 0:07:23.320 --> 0:07:26.760 made that particular vaccine candidate, and they're they're many, so 0:07:26.840 --> 0:07:29.080 we are focused on just one at the moment. But 0:07:29.360 --> 0:07:32.440 so so with this particular vaccine candidate, they cleared it 0:07:32.480 --> 0:07:35.440 in May, gave it a dosing structure of a hundred 0:07:35.680 --> 0:07:39.360 micrograms to get the dose up for two vaccines one 0:07:39.920 --> 0:07:42.640 days apart, and then they're going to follow this cohort 0:07:42.680 --> 0:07:46.480 of patients for twelve months after those two vaccinations, and 0:07:46.520 --> 0:07:49.080 so they'll be looking at everything from does an immune 0:07:49.080 --> 0:07:51.880 response occur after vaccine, which we expect that it will 0:07:52.160 --> 0:07:55.040 and then how long does that last? And so ultimately 0:07:55.480 --> 0:07:57.840 one of the things that influences the speed in which 0:07:57.840 --> 0:08:01.040 we get answers is how many cases coronavirus we have 0:08:01.560 --> 0:08:06.360 because the lower the population incidents, right, the higher the 0:08:06.440 --> 0:08:09.320 number of people they have to enroll to find new cases. 0:08:09.960 --> 0:08:12.760 So that's real, that's really critical. So so that's why 0:08:12.800 --> 0:08:15.800 a worldwide study, that's why you know, you know, as 0:08:15.880 --> 0:08:18.000 many places that we can get to, some that have 0:08:18.080 --> 0:08:20.560 high incidents, some that have low incidents, is going to 0:08:20.600 --> 0:08:23.000 be really critical. It's interesting that you bring that up. 0:08:23.040 --> 0:08:25.600 And I was watching um a local news not a 0:08:25.640 --> 0:08:27.760 local network news piece last night and they were talking 0:08:27.800 --> 0:08:30.040 about I think it was a lot of testing. It's 0:08:30.040 --> 0:08:33.240 also going in I think was it Africa? Um, where 0:08:33.240 --> 0:08:35.600 they've lined up a lot of people. I mean, is 0:08:35.640 --> 0:08:37.480 this what's involved? Like we have to do this on 0:08:37.480 --> 0:08:41.079 a global scale? Absolutely, I mean we need to know 0:08:41.360 --> 0:08:44.320 because we've got to remember, does the vaccine work is 0:08:44.360 --> 0:08:46.920 the first question, and how does it work? And how much? 0:08:47.040 --> 0:08:48.959 How much does it? In response, we get how long 0:08:48.960 --> 0:08:51.400 did it last? And then does it work equally in 0:08:51.480 --> 0:08:55.520 all people and all populations? Right? Because there could be 0:08:55.679 --> 0:08:59.880 subtle differences genetically from a host perspective, sos as humans 0:09:00.320 --> 0:09:02.440 that that we need to just ensure that there is 0:09:02.480 --> 0:09:07.640 no difference in response across the world. So wait, wait 0:09:07.679 --> 0:09:09.400 to them, what does it mean if this goes through? 0:09:09.640 --> 0:09:13.600 Don't we get it when? Maybe? Yeah? So, you know, 0:09:13.679 --> 0:09:16.840 I think that's the billion billion dollar question, you know. 0:09:17.080 --> 0:09:19.600 Um So, obviously the FDA is going to be paying 0:09:19.760 --> 0:09:25.000 very very close attention study and and it's gotten already accelerated, uh, 0:09:25.000 --> 0:09:28.040 you know, status in terms of moving forward to production. 0:09:28.640 --> 0:09:31.520 Um So, the question is, you know, what's the incidents 0:09:31.520 --> 0:09:34.720 in that location? How many pass are expected in the 0:09:34.760 --> 0:09:38.199 placebo group, how many expected in the actual intervention group, 0:09:38.360 --> 0:09:40.840 and then how many do we actually see? And based 0:09:40.840 --> 0:09:44.080 on that data, the Data Safety Monitoring Board, which is 0:09:44.080 --> 0:09:46.400 the group that says, hey, we we have enough data 0:09:46.440 --> 0:09:48.480 that we can stop the study, and we can stop 0:09:48.520 --> 0:09:51.160 it early because we are sure of the answer will 0:09:51.160 --> 0:09:53.720 be following to tell us the answer to that question. 0:09:54.040 --> 0:09:56.040 So could it be the end of the year. I'm 0:09:56.080 --> 0:09:57.520 not gonna let us go. Could it be the end 0:09:57.520 --> 0:09:58.800 of the year? Could it be or is it or 0:09:58.840 --> 0:10:03.040 is it more likely early? Next steer, I'm I'm thinking 0:10:03.040 --> 0:10:06.199 a landscape that's really into and I wouldn't even use 0:10:06.200 --> 0:10:13.720 the word early interesting. So Dr Jason Farley, last question 0:10:13.760 --> 0:10:15.560 for you, only about a minute left and you probably 0:10:15.559 --> 0:10:17.760 don't even need that much time. What do we need 0:10:17.840 --> 0:10:19.960 to do in the meantime, Because what Carol and I 0:10:20.040 --> 0:10:26.600 keep saying to each other wear a mask. Three words. Yeah, absolutely, 0:10:26.640 --> 0:10:28.760 common sense is what we need to do. There are 0:10:28.760 --> 0:10:32.760 the two words. Absolutely. All right, very good, Thank you 0:10:32.800 --> 0:10:34.960 so much, really good to catch up with you, and uh, 0:10:35.240 --> 0:10:37.480 thanks for bouncing along with us as we try and 0:10:37.520 --> 0:10:39.600 figure out this this new world. You're on the front 0:10:39.600 --> 0:10:42.840 lines of this, and we always appreciate our friends down 0:10:42.880 --> 0:10:46.360 at john hop Johns Hopkins sharing their insights with us. 0:10:46.480 --> 0:10:49.920 Dr Jason Farley, Professor at Johns Hopkins University School of Nursing, 0:10:50.000 --> 0:10:52.720 Johns Hopkins Bloomberg School of Public Health. Of course, support 0:10:52.760 --> 0:10:56.000 to buy Mike Bloomberg. Carol, that gives me some optimism. 0:10:56.040 --> 0:10:58.000 And the thing is Maderna is doing one. But remember 0:10:58.040 --> 0:10:59.679 we've had guests on to that just and as as 0:10:59.760 --> 0:11:02.240 Jayson and pointed out that there are we know, like 0:11:02.280 --> 0:11:07.400 two hundred plus you know, um cases where people are 0:11:07.440 --> 0:11:11.480 pursuing different types of vaccines. And then there's probably equally 0:11:11.520 --> 0:11:15.360 that many just going after different types of treatments, you know, 0:11:15.480 --> 0:11:17.960 to deal with the virus at different stages. So there's 0:11:18.000 --> 0:11:20.559 got to be something that comes out of this, Yeah, everybody. 0:11:20.800 --> 0:11:23.600 So many people are just hoping for, you know, an 0:11:23.600 --> 0:11:26.439 almost like cinematic miracle, and look, maybe it will happen. 0:11:26.559 --> 0:11:29.000 You know that somebody there will be with all these 0:11:29.040 --> 0:11:33.080 brains focused on it, there'll be some breakthrough that helps 0:11:33.120 --> 0:11:35.720 us solve this. I mean, here's hoping for sure. I 0:11:35.760 --> 0:11:37.599 do believe in science, so I do too. It's a 0:11:37.640 --> 0:11:40.079 good thing. I'm an optimist too, and I really love 0:11:40.120 --> 0:11:44.480 to see everybody kind of what was the resilient Optimists. 0:11:44.600 --> 0:11:47.880 That was good Grossman, that's another T shirt, exactly, so 0:11:47.920 --> 0:11:51.600 many T shirts. This is Bloomberg Business Week with Carol 0:11:51.640 --> 0:11:55.600 Masser and Jason Kelly on Bloomberg Radio. The cover story 0:11:55.800 --> 0:11:58.800 might have heard in Bloomberg Business Week this week. It's 0:11:58.840 --> 0:12:01.920 all about lebron Jay James and Maverick Carter, the company 0:12:02.000 --> 0:12:06.960 that they're building a big multi media extravaganza that I 0:12:07.080 --> 0:12:10.439 pulled off with my very good friend Joe Weber, who 0:12:10.480 --> 0:12:13.240 is the most patient man on the planet. Before we 0:12:13.320 --> 0:12:16.480 get to him, let's listen to a little bit of 0:12:16.480 --> 0:12:21.559 that interview. There is something about this company that feels 0:12:21.600 --> 0:12:23.400 not to be glib about it, but very l A 0:12:23.600 --> 0:12:27.400 in many ways, walking around seeing seeing people. What do 0:12:27.440 --> 0:12:30.600 you take from sort of l A that informs what 0:12:30.679 --> 0:12:33.520 this has become. It all stems from from my upbringing 0:12:33.600 --> 0:12:36.680 interest them from from Akron. It all stem from all 0:12:36.720 --> 0:12:39.360 these people that we've met along the way that grow 0:12:39.440 --> 0:12:42.640 up in similar situations. And for us, when we when 0:12:42.640 --> 0:12:45.439 we talk about storytelling, we want to be able to 0:12:45.880 --> 0:12:48.280 hit home hit a lot of homes where they feel 0:12:48.840 --> 0:12:50.679 like they can be just as part as that story 0:12:50.760 --> 0:12:52.520 or they feel like, oh, you know what, I can 0:12:52.559 --> 0:12:55.120 relate to that story because I am someone that's going 0:12:55.120 --> 0:12:58.640 through that same situation. So, you know, being authentic to 0:12:58.720 --> 0:13:01.120 what we do as far if it's you know, TV, 0:13:01.320 --> 0:13:05.280 if it's digital, if it's uh, if it's apparel, whatever 0:13:05.320 --> 0:13:07.640 the case may be, just trying to to hit home 0:13:07.880 --> 0:13:12.120 on in living rooms, you know, in families and households, 0:13:12.120 --> 0:13:14.840 and we've been able to capture that because our stories 0:13:14.880 --> 0:13:18.559 are very authentic. So you know, it's because we're here 0:13:18.559 --> 0:13:21.120 in l A and we use a lot of facilities 0:13:21.160 --> 0:13:24.000 that's here. You know, you know that that is the 0:13:24.000 --> 0:13:26.800 correlation with that, But as far as what we do, um, 0:13:26.840 --> 0:13:29.120 you know, it's very organic to it, you know, to 0:13:29.160 --> 0:13:32.400 our bringing. It's the platform, but also it's the when 0:13:32.400 --> 0:13:36.520 you grew up like Lebron I did. It's more than anything, honestly, 0:13:36.600 --> 0:13:40.840 it's the exposure because when you grew up in a 0:13:40.840 --> 0:13:43.680 place like we are, no matter how talented you are, 0:13:43.800 --> 0:13:46.440 no matter how good you are at something and you 0:13:46.480 --> 0:13:49.800 believe it, if you don't even know things exist then 0:13:50.200 --> 0:13:53.280 and you're not exposed to them, then there's no way 0:13:53.360 --> 0:13:55.920 for you to ever even feel in power because you're like, 0:13:56.559 --> 0:13:59.719 I'm confined to this small world. And because of him, 0:13:59.760 --> 0:14:02.040 as I said that he was my platform, then I 0:14:02.080 --> 0:14:05.120 got exposed to this big world. So now as a company, 0:14:05.480 --> 0:14:07.760 we feel that's our duty too. Is is a lot 0:14:07.760 --> 0:14:13.760 of exposure, exposures through storytelling, exposure through experiences, exposure through 0:14:13.840 --> 0:14:15.839 job creation. At our company, we have you coming to 0:14:15.880 --> 0:14:18.360 our company. There's people from all over the country, all 0:14:18.440 --> 0:14:22.600 different walks of life. All right, Well, that is a 0:14:22.680 --> 0:14:25.760 part of my conversation, actually part of the February conversation 0:14:25.840 --> 0:14:28.800 I had in Los Angeles with Lebron James and Maverick 0:14:28.840 --> 0:14:31.720 Carter Maverick being the second voice you heard there. Let's 0:14:31.720 --> 0:14:34.040 bring in Joe Webber, the editor of Bloomberg business Week, 0:14:34.120 --> 0:14:36.640 and Carol. Not to turn this too much into a 0:14:36.680 --> 0:14:39.440 love fest, but I cannot say enough good things about 0:14:39.520 --> 0:14:42.800 Joel Webber on this story because he has been my 0:14:42.880 --> 0:14:46.400 partner through all of this and just a relentless supporter. 0:14:47.040 --> 0:14:49.600 I'm so grateful to him and so happy to have him. 0:14:49.800 --> 0:14:52.560 So exhausted he had to take a vacation in Massachusetts. 0:14:52.600 --> 0:14:55.800 Did a leave Brooklyn and take a break. Jason Kelly, 0:14:55.840 --> 0:14:58.520 I wore him out. I wore him out. So Joel, 0:14:58.560 --> 0:15:01.520 I mean, let's talk about this. What your thought when 0:15:01.560 --> 0:15:06.240 we started talking about it, UM what how is how 0:15:06.280 --> 0:15:11.600 does Lebron James get a hundred million dollars and then 0:15:11.640 --> 0:15:14.040 what does he do with it? And you know that 0:15:14.040 --> 0:15:16.960 that remains like, UM, you know, I think this really 0:15:17.080 --> 0:15:22.680 interesting business decision and talk about the most perfect moment 0:15:22.680 --> 0:15:26.680 in the world to to have UM capital at your 0:15:26.680 --> 0:15:29.160 back and have this big idea and a strategy that 0:15:29.160 --> 0:15:32.200 they're going to execute. I just think it's going to 0:15:32.280 --> 0:15:37.560 be a kind of uh, just a behemoth UM and Jason, 0:15:37.600 --> 0:15:39.040 I think, you know, one of the ways that you 0:15:39.080 --> 0:15:41.600 sort of were able to articulate this was it's a 0:15:41.600 --> 0:15:44.760 little bit of a mashup of sort of how you know, 0:15:45.040 --> 0:15:48.120 you said, like one inspiration is kind of Disney, frankly, 0:15:48.160 --> 0:15:51.960 which is obviously in their backyard um in l A. 0:15:52.480 --> 0:15:55.160 When you talk to them, what what kind of uh, 0:15:55.400 --> 0:15:57.680 what kind of strategy do you feel like they're gonna 0:15:57.800 --> 0:16:01.680 unveil going forward and regarding content. Well, I'm glad you 0:16:01.720 --> 0:16:04.600 brought that up, because throughout this whole process, you and 0:16:04.640 --> 0:16:07.320 I and Jim Hailey, one of the senior editors one 0:16:07.360 --> 0:16:09.560 of your deputies on Blueberg Business Week, we would get 0:16:09.560 --> 0:16:11.600 together when we used to be able to get together 0:16:11.760 --> 0:16:14.760 and say, so, what is this thing? And and and 0:16:14.800 --> 0:16:17.520 it's it's a great question, and it is you know, 0:16:17.560 --> 0:16:20.400 Maverick cartercles at the House of Brands, and Jim Alee 0:16:20.440 --> 0:16:22.240 actually was the one who came up with this nice 0:16:22.240 --> 0:16:24.600 thing in the story where I think we say it's 0:16:24.680 --> 0:16:27.320 you know, it's part Disney, it's part Nike, it's part 0:16:27.360 --> 0:16:30.600 Patagonia in some ways, Carol, because they're the way you 0:16:30.680 --> 0:16:34.760 describe the facial mission underneath it that obviously has come 0:16:34.800 --> 0:16:36.720 to the four I think especially right now. Can I 0:16:36.800 --> 0:16:39.880 just say, first of all, the cover when Jason shared 0:16:39.880 --> 0:16:42.240 it with me, jahal like gets spectacular and it just 0:16:42.320 --> 0:16:44.760 made me stop. And I think I've been thinking so much, 0:16:44.800 --> 0:16:47.800 really deeply, as many of us have been, certainly about 0:16:47.800 --> 0:16:50.400 the virus and the impact and the inequalities that have 0:16:50.520 --> 0:16:53.400 been you know, laid bare, and then of course what 0:16:53.480 --> 0:16:57.400 happened in Minneapolis and racism and talking about things over 0:16:57.400 --> 0:17:00.200 the last month, and I just felt like, man, you know, 0:17:00.400 --> 0:17:03.760 we need to see more companies like Lebron and Maverick 0:17:03.760 --> 0:17:07.320 Carter are building right where diversity is just intrinsic to 0:17:07.400 --> 0:17:11.080 what they're doing. Yeah, that's right, I mean, And to 0:17:11.119 --> 0:17:12.880 be clear, you we should. You know, we shot Maverick 0:17:13.080 --> 0:17:16.000 and Lebron together, and um, I did have this thought 0:17:16.320 --> 0:17:18.879 which was like, we shot them before the pandemic, and 0:17:19.080 --> 0:17:22.040 you know, they're very up close and comfortable. They are 0:17:22.080 --> 0:17:25.760 not so they are not socially distanced, they are not 0:17:25.840 --> 0:17:28.920 wearing a mask. But it was taken before the pandemic 0:17:28.960 --> 0:17:32.359 kit and you know, um, Jason and I had a 0:17:32.400 --> 0:17:34.040 nice little tug of war of like do you do 0:17:34.160 --> 0:17:37.440 you do Lebron solo or do you do Maverick and Lebron, 0:17:37.840 --> 0:17:40.600 and I was like, you're crazy, Like Lebron is the 0:17:41.280 --> 0:17:44.040 arguably the most recognizable human on the planet, Like, how 0:17:44.080 --> 0:17:48.120 could you not do them solo? And and I think 0:17:48.200 --> 0:17:51.359 Jason made a really strong point, which I you know, 0:17:51.400 --> 0:17:54.240 we we ended up reinforcing with the cover line which 0:17:54.280 --> 0:17:57.480 became the King and the CEO, which is he didn't 0:17:57.480 --> 0:18:00.000 build this thing on his own right, and he's got 0:18:00.000 --> 0:18:04.159 on a network. Maverick and he have been together for years. 0:18:04.280 --> 0:18:07.520 You know, they go back to Akron high school days 0:18:07.520 --> 0:18:11.160 together and you know, Maverick Um has been with him, 0:18:11.320 --> 0:18:15.160 and you know, even like the decision when Lebron announced 0:18:15.200 --> 0:18:18.240 that he was going to Miami taking his talents to 0:18:18.600 --> 0:18:21.159 South Beach, you know, Maverick was was there. And I 0:18:21.200 --> 0:18:23.880 also think that speaks to like the journey that they've 0:18:23.920 --> 0:18:26.800 been on, because I think that they would acknowledge that 0:18:26.800 --> 0:18:28.680 that would didn't go well, but it was a learning 0:18:28.720 --> 0:18:32.679 experience and it helps inform how they make business decisions 0:18:32.760 --> 0:18:35.360 today and going forward, because I'm sure there will be more. 0:18:35.880 --> 0:18:39.359 It absolutely does. Yeah. Well, our thanks to Joel Webber 0:18:39.440 --> 0:18:41.920 My personal thanks to Joel Webber, the editor of Bloomberg 0:18:41.920 --> 0:18:43.880 business Week. He and I've been doing this together back 0:18:44.240 --> 0:18:47.159 when he was an editor on Bloomberg Markets, then the 0:18:47.280 --> 0:18:49.359 editor of Bloomberg Markets, now of course the editor. My 0:18:49.480 --> 0:18:51.840 garden has grown in the time that you guys have 0:18:51.880 --> 0:18:54.160 been working on this. I'm just saying we've been working 0:18:54.200 --> 0:18:56.040 on this one for a long time, but really happy 0:18:56.040 --> 0:18:59.040 it got over the finish line. And anyway, Joel Webber 0:18:59.520 --> 0:19:03.840 joining us from Massachusetts. This is Bloomberg Business Week with 0:19:03.920 --> 0:19:07.840 Carol Masser and Jason Kelly on Bloomberg Radio. So I 0:19:07.880 --> 0:19:11.040 have to say that this story definitely caught my attention. UM, 0:19:11.119 --> 0:19:13.159 and maybe because last night I was kind of actually 0:19:13.160 --> 0:19:17.360 looking at the cannabis industry and the CBD consumer It's 0:19:17.400 --> 0:19:20.399 like last night, it's been a long week already, it 0:19:20.520 --> 0:19:24.600 was Wednesday. My husband I said, no, no, no. But 0:19:24.680 --> 0:19:26.840 what's interesting is there's someone that we talked to a 0:19:26.880 --> 0:19:31.240 lot about the cannabis industry, especially CBD Consumer, UM, who 0:19:31.359 --> 0:19:34.000 is no longer CEO of that company anymore. So we've 0:19:34.040 --> 0:19:38.320 seen some fallout. The industry definitely going through some growing pains. UM. 0:19:38.440 --> 0:19:41.240 This story on the Bloomberg this morning about pot m 0:19:41.240 --> 0:19:45.320 and as mystery antitrust reviews linked to a crackdown by 0:19:45.320 --> 0:19:47.679 the U S. Attorney General William Barr. I wanted to 0:19:47.680 --> 0:19:50.639 do this story. David McLaughlin is with us, his Department 0:19:50.640 --> 0:19:53.400 of Justice reporter at Bloomberg News. He joins us on 0:19:53.440 --> 0:19:57.200 the phone in Washington, d C. So, David, what's going 0:19:57.240 --> 0:20:03.040 on right? So? Um, there was a hearing yesterday about 0:20:03.800 --> 0:20:07.840 on Capitol Hill about politicization of the Justice Department under 0:20:08.880 --> 0:20:11.879 Attorney General William Barr. And you know, most of the 0:20:11.880 --> 0:20:14.280 focus on the hearing was it was about Roger Stone. 0:20:14.359 --> 0:20:18.320 But but there was this interesting piece of it that 0:20:18.440 --> 0:20:23.000 was focused on marijuana mergers, cannabis mergers. And according to 0:20:23.080 --> 0:20:28.000 this whistleblower who testified and uh he's a lawyer inside 0:20:28.040 --> 0:20:32.560 the in the Justice Department's Andy Trust Division, he said 0:20:32.600 --> 0:20:38.280 that the Attorney General William Barr ordered basically special scrutiny 0:20:38.320 --> 0:20:41.240 of these mergers because he had a sort of personal 0:20:41.440 --> 0:20:47.720 dislike for the industry. And so that was unusual because 0:20:47.080 --> 0:20:51.520 un be pretty fragmented. You know, it there's not you know, 0:20:51.560 --> 0:20:54.520 there are many companies. It's not like a consolidate industry 0:20:54.640 --> 0:20:59.040 like you know, mobile phones carriers or for other industries 0:20:59.080 --> 0:21:01.120 that might get come of a lot the tension. Um, 0:21:01.160 --> 0:21:03.280 so this was kind of strange at the time, and 0:21:03.280 --> 0:21:05.959 now we know now we know why according you know 0:21:06.119 --> 0:21:08.840 this was the blower is correct? Well, you know, I 0:21:08.880 --> 0:21:12.240 was going to ask you another question about the weed business, David, 0:21:12.280 --> 0:21:15.760 but but I have to say what you said leaves 0:21:15.800 --> 0:21:18.520 me in another direction, which I think you you know 0:21:18.640 --> 0:21:21.080 the story so well, which is this is a different 0:21:21.119 --> 0:21:25.760 sort of Department of Justice that we're seeing, fair to say, 0:21:26.359 --> 0:21:32.880 or a different justice or a different Attorney general. Maybe, yeah, 0:21:33.080 --> 0:21:37.080 of course, I mean this, UM, a lot of controversy 0:21:37.119 --> 0:21:41.879 about the Justice Department right now. UM. So obviously the 0:21:42.160 --> 0:21:47.000 high profile cases are things like Roger Stone and Michael 0:21:47.040 --> 0:21:53.359 Flynn and UM William Barr's involvement in both of those cases, 0:21:54.359 --> 0:21:57.600 that's gotten a lot of the headlines. But in terms 0:21:57.640 --> 0:22:04.640 of business case is on any trust, there's been controversy 0:22:04.680 --> 0:22:07.480